Indices revert gains in late trade as Nifty ends below 11,650; BPCL down 4%


Market Close: Benchmark indices ended near day's low after Skymet predicts below normal monsoon due to developing El Nino.

Sensex and Nifty touched record high in the early trade today.
At close, the Sensex was down 179.53 points at 38877.12, while Nifty was down 69.20 points at 11,644. About 998 shares have advanced, 1574 shares declined, and 157 shares are unchanged 
BPCL, Zee Entertainment, IOC, SBI and GAIL were the top losers on the Nifty, while gainers were Indiabulls Housing, Maruti Suzuki, Bajaj Finserv, HCL Tech and JSW Steel.
All the sectoral indices ended in red led by PSU bank (down 2.5 percent) followed by pharma, infra, energy, IT, metal, auto and FMCG. 
Sahaj Agrawal, Kotak Securities:
After a strong rally seen in the recent past Nifty currently is in consolidation phase. Tech parameters suggest possibility of extended consolidation before the up move resumes. We continue to believe the bias remains positive and suggest buying on dips. 
Meaningful support on the downside is seen at 11,200-11,300; expect volatility to remain high in the near term. On the higher side we would expect 12,300-12,500 on Nifty. Banking is expected to witness some profit booking while metals and select auto stocks trade with a positive bias. 
Market Update: There is a sharp decline on the Dalal Street with Nifty trading around 11,700 level.
At 14:20 hrs IST, the Sensex is up 31.53 points at 39,088.18, while Nifty is down 5.50 points at 11,707.70. About 1017 shares have advanced, 1366 shares declined, and 152 shares are unchanged.  
Cadila Health gets 1 observation from USFDA: USFDA inspected the company‘s formulations manufacturing facility located at Pharmez, Ahmedabad from March 25 to April 2, 2019. The inspection which included product specific pre-approval and post-approval inspections and a GMP Inspection, concluded with one observation. 
Market Update: The benchmark indices continue to hold their gains. Sensex is up 133.05 points or 0.34 percent at 39,189.70, and the Nifty is up 24.50 points or 0.21 percent at 11,737.70. About 1,105 shares have advanced, 1,086 shares have declined, and 151 shares are unchanged. 
Rupee Update: The Indian rupee has gained in day's trade. The rupee is up 15 paise or 0.23 percent at 68.58/$. 
Crude Update: Oil prices rose for a fourth day on Wednesday, with support from OPEC-led supply cuts and US sanctions overshadowing an industry report showing an unexpected rise in US inventories last week.
Buzzing: Auto ancillary and defence company Bharat Forge shares fell 1 percent after a sharp decline in Class 8 truck orders in North America.
Market Opens: It is firm start for the benchmark indices on Wednesday with Sensex opened at record high.
At 09:16 hrs IST, the Sensex is up 119.33 points at 39175.98, while Nifty up 31.90 points at 11745.10. About 451 shares have advanced, 174 shares declined, and 41 shares are unchanged. 
Yes Bank, Tata Steel, Indiabulls Housing, Vedanta, JSW Steel, IndusInd Bank, Hindalco, Bajaj Finance are some of the major gainers on the indices, while lower are Eicher Motors, Infosys, Wipro, HCL tech, Britannia and Coal India.
Among the sectors, except IT all other indices are trading in green led by bank, metal, infra, pharma and energy.
Rupee Opens: The Indian rupee opened marginally higher at 68.72 per dollar on Wednesday versus previous close 68.75.
Market at pre-opens: Indian indices are trading higher in the pre-opening sessions.
At 09:03 hrs IST, the Sensex is up 98.78 points or 0.25% at 39155.43, and the Nifty up 19.00 points or 0.16% at 11732.20.
Marico, M&M, IndusInd Bank, Tata Motors, Tata Steel are trading higher, while Jet Airways fell 5 percent in the pre-opening
Gold Update: Gold prices slipped on Wednesday, after touching their lowest level in four weeks in the previous session, as equities traded near a seven-month high, denting bullion's appeal.
US markets end mixed: The benchmark S&P 500 stock index paused on Tuesday, taking a breather from Monday's strong quarterly kickoff as a decline in shares of Walgreens Boots Alliance Inc weighed and economic data did little to ease growth concerns.
SGX Nifty: Trends on SGX Nifty indicate a flat to positive start for the broader indices in India, a gain of 13 points or 0.11 percent. Nifty futures were trading around 11,800-level on the Singaporean Exchange.
Asian markets trade higher: Asian shares hovered near seven-month highs early on Wednesday as global investors paused for breath after the strong rally seen earlier this week, while oil approached the key $70 per barrel mark.